THE BOARD OF PIRELLI MAJORITY APPROVES CONSOLIDATED RESULTS TO 31 MARCH 2025
PIRELLI: REVENUES GREW IN THE QUARTER, ADJUSTED EBIT MARGIN ROSE TO 15.9% AND NET PROFIT 127.2 MILLION (+26.7%)
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- Revenues: 1,758.6 million euro, +3.7% compared with 1,695.5 million euro in first quarter 2024 (organic variation +4.7% excluding forex effect of -1%)
- Volumes +0.8% led by market share gain in High Value. Reduced exposure to Standard
- Price/Mix: +3.9% mainly thanks to mix improvement
- Further strengthening in High Value, equal to 81% of revenues (77% in first quarter 2024)
- Adjusted Ebit: 279.8 million euro, +6.5% compared with 262.6 million euro in first quarter 2024 thanks to a solid commercial performance (volumes and price/mix) and efficiencies
- Adjusted Ebit Margin at 15.9% (15.5% in first quarter 2024)
- Net profit: 127.2 million euro, +26.7% compared with 100.4 million euro in first quarter 2024
- Net cash flow before dividends: -696.7 million euro (-673.4 million euro in first quarter 2024)
- Net Financial Position: -2,622.5 million euro (-2,935.1 million euro on 31 March 2024 and -1,925.8 million on 31 December 2024)
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2025 TARGETS
- 2025 targets already announced in February are confirmed
- Uncertainty over the duration and the effective impact of tariffs in view of the constantly ongoing scenario, with negotiations between the USA and its main commercial partners
- Mitigation plan launched to guarantee, in case current tariffs persist, Adjusted Ebit target and cash flow at the lower end of guidance, achieving the deleveraging target
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- Pirelli management: negotiations with shareholders have concluded, at present without a positive outcome
- The company remains open to exploring solutions to ensure full compliance with U.S. regulations
- Confident that with the support of its historic shareholders and the market, Pirelli’s interests will be fully protected
Milan, 14 May 2025 – The Board of Directors of Pirelli & C. Spa met today and majority approved results to 31 March 2025 with the favourable vote of 9 out of 15 board members. Votes against were those of Chairman Jiao Jian and Board members Chen Aihua, Zhang Haitao, Chen Qian, Fan Xiaohua and Tang Grace.
The board members who expressed a contrary vote regarding the quarterly financial statement, were motivated in their dissent solely with regard to the declaration – included in the subsequent events section of the statement itself - of the end of Sinochem’s control of Pirelli, in accordance with the IFRS10, disagreeing with the relative motivations, also in consideration of the fact that the shareholder pact between Camfin and CNRC/MPI Italy is still in force and that, in their opinion, therefore CNRC/MPI Italy maintains control over Pirelli in accordance with article 93 of the TUF.